Samyang Optics Announces Partnership With US Electric Car Maker ZAP for Korea Market
Samyang Optics Co. Ltd have signed a distribution agreement with California electric transportation pioneer ZAP (OTCBB: ZAAP) for the exclusive rights to manufacture, assemble and market ZAP's complete line of electric trucks, vans, motorcycles, scooters and ATVs in Korea. This event was well attended by more than 500 people, with 150 people from the media, including media coverage by SBS, YTN, and MBN television stations in Korea.
This partnership is part of Samyang's broader strategic plan to enhance its core business with a new thrust in cleantech, focusing on Korea's increasing market opportunities in electric vehicles. The agreement establishes Samyang as ZAP's exclusive distributor and assembly partner, leading to potential manufacturing for its electric vehicles in Korea. The distribution agreement commits Samyang to set up manufacturing facilities and distribution hubs in Korea with annual procurement quotas. The electric vehicle bodies will be produced by ZAP's recently announced manufacturing partner, Zhejiang Jonway Automobile Co. Ltd., and use the electric power train technology and engineering designed by ZAP and produced by ZAP Hangzhou, the joint venture between ZAP, Holley Group and Better World International.
Samyang, known for its camera lens manufacturing business, held a press conference today to announce this new strategic core business strategy targeting global growth in clean technologies. Under the distribution agreement, Samyang has secured the exclusive Korean distribution, assembly and eventually manufacturing rights for ZAP's latest and upcoming electric vehicle models, including the ZAP Alias electric car and the recently announced A380 5-door electric SUV (sports utility vehicle), developed by ZAP and Jonway. Preproduction models of each were showcased in Korea for the announcement. Samyang will be taking delivery of ZAP's electric vehicles from ZAP Hangzhou until their facilities are equipped to begin assembly in Korea.
Samyang's Co-CEO Christopher Kang, MD established the framework of this partnership with ZAP's President Gary Dodd at the North American International Auto Show held recently in Detroit. Dr. Kang says, "Samyang decided to partner with ZAP because of its extensive industry knowledge in electric vehicle production and the breadth and maturity of its current line of electric vehicles." According to Mr. Dodd, the expansion of ZAP's market through this partnership with Samyang in Korea further solidifies its strategic goals of supplying electric vehicles to global markets.
The Ministry of Knowledge Economy for Korea has announced plans to commercialize electric vehicles with an investment of 400bn won
(US$342.6m) by 2014 on research and development for high-performance batteries and other related electric vehicle subsystems. The Ministry of Knowledge Economy has announced a goal of capturing 10 percent of the global market for zero-emission plug-in cars by 2015 with the target of having all-electric vehicles comprise 10 percent of domestic sales of small-size cars by 2020. This partnership is focused on addressing this opportunity.
Attending the press conference today were Samyang Co-CEOs and Directors Christopher Kang, MD and Sang-Yoon Rhee, along with ZAP Chairwoman Dr. Priscilla Lu, ZAP CEO Steve Schneider, ZAP President Gary Dodd, ZAP Hangzhou CEO Raymond Yang, Jonway CEO Alex Wang, Junfeng Feng, VP of International Investments for the Yuhang District of China, home to ZAP Hangzhou, and other officials.
Samyang Optics Co., Ltd.
Samyang, located in Masan, Korea, is a developer of optical lenses and a range of applications for closed circuit television systems used extensively in highly important security settings such as casinos and banks, as well as government and commercial buildings. Founded in 1972, Samyang's securities are publicly traded on the Korean stock exchange. Samyang is an exclusive supplier for "Made in Korea" lenses to Sears and has made lenses for Nikon, Canon, Minolta and Yashica. In 2004 Samyang merged with Japanese optical device maker Seikou.
ZAP is one of the world's oldest electric vehicle providers, having delivered over 117,000 of a broad range of vehicles to more than 75 countries since 1994. ZAP supplies electric trucks and vans to military, government and corporate fleets and is an innovator of electric motorcycles, scooters and ATVs. The Santa Rosa, California based company offers some of the only electric city-speed cars and trucks in production today and is leveraging its accrued technology know-how in developing a cost effective high-speed electric car called the ZAP Alias. For further information visit http://www.zapworld.com.
About Holley Group
Holley Group is the parent of Holley Metering Limited, a global leader in electric metering with diversified businesses spanning pharmaceuticals, real estate, telecommunications and IT. Holley employs more than 12,000 people and over 800 R&D personnel worldwide. Headquartered in Hangzhou, Holley operates manufacturing in China, Thailand, Argentina and Uzbekistan. Holley products are sold through offices in major cities throughout China, India as well as South East Asia and the European markets. For more information, visit http://www.holleymeter.com/en.